Reporter at News 5 Cleveland
CLEVELAND — State tax credits will propel another office-to-apartment conversion in Downtown Cleveland, where housing and other uses are filling buildings emptied out by the pandemic.
"This project is such a great story," Lydia Mihalik, the director of the Ohio Department of Development, said during a news conference at the property on Wednesday afternoon."It's a story of commitment." The K&D Group, which owns the Electric Building, had been trying to land an award for two years. Now, construction is likely to start in October on the $46.4 million project.
“What’s happening in downtowns all across America, as everyone reads about, is office space is shrinking,” said Price, who has turned seven other downtown buildings into apartments since 2008. “Cleveland’s fortunate that a lot of these historic buildings do lend themselves to conversion. A lot of the modern office towers do not.”
Downtown Electric Building Tax Credits
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